SB414 - With the Governor for signature

Makes it a misdemeanor for a bank to unreasonably delay responding to a short sale offer. It spells out the acceptance or rejection of an offer should be received within 90 days. It also prohibits a bank from getting a deficiency judgment if they agreed to a short sale (under certain circumstances). 

AB273 -  With the Governor for signature

Prevents the bank from "double-dipping" and going after the borrower for the full amount of the deficiency when they have received compensation from other sources. It will cap the amount a third party can be awarded if they bought the right to the deficiency for pennies on the dollar. It will reduce the amount of time a junior lien holder has to file for a deficiency form the current six years to six months, to be in line with primary lien holdersï timeframes. 

SB136  -  Expected to be delivered to the Governor shortly.

Changes the maximum length of time a state-chartered bank may hold real property that they acquired through foreclosure from 10 years to 5 years. Also removes the requirement that a bank annually charge off a certain percentage of the value of such real property. 

REAL ESTATE SERVICES TAX

AB569 - Did not pass

Would have required Real Estate commissions be taxed at 1%. The tax would have been paid by the consumer based on the purchase price of the services and would have taken effect on January 1, 2012. 

ENERGY AUDIT FORM OR WAIVER

AB432 - With the Governor for signature

This bill requires Energy auditors to be licensed by the Real Estate Division. Most importantly this bill repeals the section of NRS that mandates the seller to provide an evaluation of energy consumption of that property. Effective July 1, 2011. 

CELL PHONE USE WHILE DRIVING

SB140  -  With the Governor for signature

Prohibits the use of a cellular telephone or other handheld wireless communications device while operating a motor vehicle in certain circumstances.  Prohibits the use of cell phone without a hands-free device while driving. Prohibits typing/reading data texting, e-mail, IM, web browsing, etc. Violation is a misdemeanor with fines increasing with each offense and possible license suspension. July 1, 2011 - December 31, 2011, violators will receive a warning. Beginning January 1, 2012 violators will receive a citation.  

PROPERTY MANAGEMENT ISSUES

AB360 - Should be delivered to the Governor for signature shortly.

Mandates that local governments pass an ordinance to afford property owners at least 30 days to fix a nuisance or dangerous/noxious situation that was caused by the criminal activity or someone other than the owner, as long as the situation is not an immediate danger to public health, safety or welfare.  

AB226 - Is law and goes into effect October 1, 2011.

Adds functioning door lock as part of the definition of essential items and services. It also requires a notification to the tenant that a lockout will happen within 24 hours of the sheriff receiving the order from the court. 

PRIVATE TRANSFER FEES

AB271 - Law effective May 20, 2011

Regulates private transfer fee obligations that affect real property. A Private Transfer Fee is attached to a property as a covenant that requires the payment (typically 1 - 2% of the purchase price) to a private entity every time the property changes hands up to 99 years. 

ASSET MANAGEMENT COMPANIES

SB314 - With the Governor for signature

For more information: https://nelis.leg.state.nv.us/76th2011